Business Process Outsourcing
As the record bull market has slowed, so has the upward trend in valuation of BPO firms. In December 2021, EBITDA multiples for the industry were at an all-time high of 21x. As of the middle of March 2022, the median EBITDA multiple was down to 18x, but this is still much higher than the five-year average of 15x. Two companies that are leading this higher multiple trends are Accenture and Automatic Data Processing, as both see their EBITDA multiples above the 21x mark.